Biodesix reports Q1 EPS (14c), consensus (14c)

Reports Q1 revenue $14.8M, consensus $14.2M “I am very pleased to announce yet another quarter of greater than 50% revenue and volume growth and 14 percentage point improvement in gross margins,” said Scott Hutton, CEO of Biodesix. “This is a year of execution with three main goals: growing top line revenue, implementing operational efficiencies while maintaining cost discipline, and making significant progress on our path to profitability. In the first quarter, we delivered approximately 11,900 Lung Diagnostic tests, an increase of 57% over the prior year comparable period and our seventh consecutive quarter of greater than 50% year-over-year volume growth. In addition, our Biopharmaceutical Services business grew 149% year-over-year, as we continue to deliver against our increasing book of contracted business and secure additional agreements with existing and new customers. We made operational improvements resulting in increased gross margins and combined with our disciplined expense management, we improved Net Loss by 27% and Adjusted EBITDA by 48% over the first quarter of 2023. Our team is off to a strong start, helping to impact more patients every quarter in the large and underserved lung nodule diagnostic testing market. Following the closing of the offering in April, we are well capitalized and positioned to execute on our plan of growing top line revenue and reaching profitability.”